There's a person in this forum that does this, but I won't mention names in case the person wants to remain anonymous.
I only know what I was told, but I would think the cons would be additional paperwork, and potentially double taxation of some profits. However, a big plus, especially if you own a good deal of equipment, is that if your landscape co. does something that incurs a big lawsuit that takes everything the landscape co has, that will only be a bunch of hand tools, because the big eqpt is owned by a different company (also yours).
IMHO, this might only be worthwhile if you have a good lot of toys. I would think you wouldn't move with this without legal counsel. You're trying to limit liability by using legaleze - they know it better than you do.
Aloha and hang loose.